Dawes, Vickerman, and Waddel are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Dawes $$48,000$; Vickerman, $$27,000$; and Waddel, $$14,000.$ The profit$-$and$-$loss$-$sharing ratio has been $3$:$1$:$1$ for Dawes, Vickerman, and Waddel, respectively The partnership has $$79,000$ cash, $$40,000$ non$-$cash assets, and $$30,000$ accounts payable.

Read the requirements.

Requirement $1.$ Assuming the partnership sells the non$-$cash assets for $$54,000,$ record the journal entries for the sale of non$-$cash assets, allocation of gain or loss on liquidation, the payment of the outstanding liabilities, and the distribution of remaining cash to partners. $($Record debits first, then credits. Select the explanation on the last line of the journal entry table.$)$

Journalize the sale of the non$-$cash assets for $$54,000.$